MARCH 2014 FACTS:
- When looking at the most recent data for March, we see that rents declined slightly month-over month – in contrast to the quarter-over-quarter increases.
- The average Manhattan apartment rented for $3402 during March 2014, $15 less than the average in February.
- The Manhattan vacancy rate also decreased – from 1.50% in February, to 1.46% in March.
- During March 2014, 12% of leases signed included a landlord concession, unchanged from the month prior.
Q1 2014 FACTS:
- Overall, market conditions shifted slightly towards the landlords’ favor during the quarter, partly to the increased use of move-in incentives.
- These concessions created a sense of “value” in the marketplace, which helped fill vacant apartments.
- In many cases, move-in incentives also prevented the need for landlords to lower their asking rents.
- In fact, rents rose. Rents for all apartment sizes, except 3 bedroom units, increased slightly from Q4 2013 to Q1 2014.
- The vacancy rate fell. The borough-wide rate was 1.5% for Q1 2014, compared to 1.7% during Q4 2013.
“Regardless of market conditions, renting an apartment in New York City can be a competitive, challenging process. To provide real estate knowledge and guidance to clients is a cornerstone of our business. To that end, we hope this report proves to be a valuable resource to tenants and property owners alike.” – Gary Malin, President of Citi Habitats